The exchange will be headquartered in Rio de Janeiro with a tentative launch date of the fourth quarter of 2012 and will require a regulatory approval from the Comissao de Valores Mobiliarios.
Direct Edge Brazil will operate as an independent, local company majority owned by Direct Edge and will appoint a Brazil-based CEO to develop Direct Edge Brazil and maintain relationships with the Brazilian financial community as well as with local officials and vendors.
Direct Edge CEO William O’Brien said that the exchange will leverage proven Direct Edge technology and architecture that will be customized to the unique needs of the Brazilian market.
